Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Industry groups call for action as housing approvals slide

Staff Reporter 2 minute read

Building approvals suffered a sharp decline in September ABS data released yesterday revealed.

Total dwelling units fell 7.2 per cent month on month and more than 20 per cent compared to September 2007 to total 11, 167.

Building approvals for units have seen the biggest decline over the year, now sitting 31.5 per cent lower than in September 2007.

Peter Jones, Master Builders chief economist, said the housing slide posed a major threat to the national economy.

“Aggressive fiscal and monetary policy should help to minimise the risk of a severe economic downturn, however soft conditions in the housing market can be expected over much of calendar 2009, despite the government’s stimulus package and the RBA’s aggressive rate cuts,” he said.

Advertisement
Advertisement

“The latest slide in housing points to the need for more rate cuts in coming months,” he said.

The Housing Industry Association (HIA) said greater efficiency in planning and administration as well as reduced charges and levies would be necessary to kick start building activity.

“Urgent action in sorting out land release, infrastructure servicing and planning delays are now essential in ensuring a recovery in building activity in residential construction,” HIA chief economist Harley Dale commented.

HIA has forecast the national dwelling shortage to blow out to as much as 85,000 by the end of the 2009 financial year.

Published: 06-11-08


Industry groups call for action as housing approvals slide
default
TheAdviser logo
default

TODAY'S POLL

View results >

Who do you aggregate through?

Thank you for your vote, you can see the results here.

more from the adviser
ANZ new still ta ANZ extends business loan terms

The major bank has announced that it will extend the maximum loan...

cash money rolls Credit growth stunted by dive in business lending

Credit growth has waned as a result of a sharp drop-off in busine...

court gavel ta Court rules against bank for ‘unfair’ loan terms

The Federal Court has declared a number of loan contracts entered...

FROM THE WEB